CNBC Daily Open: The U.S. is flexing its economic power — drawing retaliation

Canadian Prime Minister Mark Carney speaks about the trade dispute with the United States at the Davie Shipyard in Levis, Quebec, Canada on Aug. 24, 2026. Andrej Ivanov | AFP | Getty ImagesHello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.Washington has launched an economic offensive against Iran and Canada — the two countries one would normally not lump together. But U.S. President Donald Trump is taking them on at the same time, declaring repeatedly that Tehran is beaten, while asserting that Canada could not survive without the U.S.Neither has submitted. Canada is retaliating "dollar for dollar," Iran is working with Oman to finalize a trade route through the Strait of Hormuz — meanwhile, China is building a modest hedge against dollar-based sanctions.What you need to know todayJust days after the U.S. levied steep tariffs on Canada, Ottawa has announced retaliatory measures, matching "dollar for dollar" the 50% duties that President Donald Trump imposed over the weekend after a breakdown in trade talks.Ottawa's new tariffs encompass more than 700 U.S. goods and are worth about $20 billion, mirroring the size of Trump's latest ...